Breaking rules cost more than you would ever imagine. So if you have an inkling that those within your business are not following the rules but you’ve decided not to rock the boat. Ask yourself how much are you willing to fork out when the hire powers catch up with you. This time round I’m going to remind you of the recent penalties, to the tune of $549m issued to several banks for evading the process.
Rule Breaking Consequences
So 11 banking firms were dubbed as having widespread and long-lasting failures because they failed to maintain records. In this technological age, with many apps at our fingertips, it’s easy to fall into habits of convenience. However, it’s essential to take note and comply with the rules of your governing body. And in this case, there was an expectation to maintain records of employee communication.
It was deemed that apps like WhatsApp were used to get around the regulations; ultimately, this was a costly move for the company. Whilst in the UK, we may not have the Securities and Exchange Commission or the Commodity Futures Trading Commission, we do have some worthy equivalents, such as the Financial Conduct Authority(FCA), Information Commissioner’s Office (ICO) or Solicitors Regulation Authority (SRA). Even for the smallest business, you want to avoid a penalty from HMRC!
Take Control and Ensure Compliance with a Dust Off Review
Running a business comes with its fair share of challenges and uncertainties. Don’t let potential non-compliance or operational inefficiencies linger and jeopardize your hard work. It’s time to take proactive steps and gain clarity.
Invest in a comprehensive 60-minute session with The Ethical Strategist. During this time, you’ll have the opportunity to share your plans, concerns, and challenges openly. We’ll delve into your policies, procedures, and team dynamics, leaving no stone unturned.
Within five days, you’ll receive a detailed report with actionable recommendations on where to focus your efforts and how to streamline your operations for maximum compliance and efficiency.
Don’t allow the dust to settle any longer. Embrace transparency, gain valuable insights, and position your business for continued success.
By booking a policy review, you'll not only address potential policy compliance issues head-on but also gain a trusted partner committed to your business's ethical growth and longevity.
The Most Cost Effective Time to for a Policy Review?
Is now. Firstly there is no better way of showing who is in charge than to maintain control over all areas of your business. Keeping in mind that any financial penalties are going to be your sole responsibility. You want to be reassured that policy compliance is a woven thread running through the entire company to be adhered to.
The consequence of the regulatory authority having come in, ordering the banks to hire consultants to review their banking policies, it’s utterly embarrassing. You don’t want someone coming into your business telling you how to run it. That’s why where your business is regulated by a governing body you must be aware of the rule breaking consequences.
Don’t fool yourself into believing that no one is watching you. Even where a business owner may not take seriously their own rule, the governing body must for the integrity of those who come to rely on them. Therefore policy compliance is crucial and the rule breaking consequences so severe. Staying up to date with affairs in your industry should be an excellent reminder to ensure your HouseRules are being followed.
Don't run the risk of being caught out like a naught school child. Get your house in order with HouseRules and avoid the financial penalties
Sign up to the mailing list for timely reminders and moment to stop to consider if you need to book a session.
Breaking the Rules Cost: Reputable Damage
There will no doubt be a ripple effect through the sector as clients proceed with caution. The foundation of trust has been shaken and the result will be some small cracks of uncertainty. Therefore it’s the perfect time to introduce a refresher session and review the process.
Are the right persons understanding what is required and working in compliance with those HouseRules? Simply leaving compliance down to good faith and trust is foolhardy. Having in place a system that monitors and enforces where necessary, across the internal community is what any responsible business owner would do to ensure that any oops moments are identified and addressed.
Get Your Business Humming: Align Policies, Processes, and Your Internal Community
In today’s ever-evolving business landscape, playing by the wrong rules can have severe consequences. Misaligned policies, outdated procedures, and a disconnected team can derail your operations, leaving you vulnerable to costly financial penalties, legal issues, and operational inefficiencies.
Don’t let the dust settle on your business practices. It’s time to take proactive steps with a policy review. Policy compliance is simply ensuring your policies, processes, and internal community are in harmony with your company’s mission and values.
Book a Humming Session Today
During this focused one-hour consultation, we’ll dive deep into your existing policies, procedures, and team dynamics. Together, we’ll review your policy, identifying areas for improvement and explore ways to fine-tune your practices. We shall also consider the rule breaking consequences and financial penalties.
After all, when you’re fully informed you can make the best decisions for your company; ensuring they resonate with your unique vision and promote accountability, integrity, and shared goals.
Relying on generic templates or outdated policies is a ticking time bomb. Don’t wait until it’s too late – be proactive and get your house in order before facing the consequences of non-compliance or rule-breaking.
Embrace transparency, gain valuable insights, and position your business for continued success. Align your policies, processes, and internal community with the guidance of an experienced expert committed to your business's ethical growth and longevity.
Don't let misaligned practices hold you back or see you fall foul to financial penalties any longer.
Book your Humming Session today and take the first step towards a harmonious, compliant, and thriving business.
You know that I understand time is valuable, so I will not keep you longer than necessary. So go away and think about how breaking rules costs in your business.
Once you realise it doesn’t have to be so tricky, then go ahead and book that Sip & Chat. My calendar is open to all, but there’s a limit on the number of working relationships at any time. I’d hate for you to miss out.
